Business & Brands

Nova Merchant Bank Makes Market Debut With N10bn Bond

Nova Merchant Bank Makes Market Debut With N10bn Bond

 

 

Nova Merchant Bank, a leading merchant bank in Nigeria has announced that its ongoing N10 billion bond issuance is aimed at putting the business on firm footing to achieve its short-term and long-term goals.

The technology-driven financial institution is seeking to raise up to N10 billion 7-year Fixed Rate Subordinated Unsecured Bonds under its N50 billion debt issuance programme. The bond has a price range of from 12 per cent to 12.50 per cent and the offer, which opened on June 30, will close on July 8, 2020

The Managing Director/CEO, Nova Merchant Bank, Anya Duroha, who disclosed this, explained that the bank is raising the N10bn in Subordinated Unsecured Bonds under its N50 billion debt issuance programme.

Duroha who pledged the bank’s commitment to creating superior value in the market and keeping customers at the centre of its business, noted that the Bond will be invested in long-term risk assets as part of its medium-term growth strategy and advised interested investors to obtain more details of the bond from the Bank’s website www.novambl.com.

Nova Merchant Bank Limited is a licensed merchant bank in Nigeria rated BBB by Agusto & Co. and A+ by Datapro and the bond which is issued under a SEC-approved N50billion Debt Issuance Programme is callable in five years by the bank.

Speaking to shareholders at a meeting recently, the bank’s Chairman, Mr. Phillips Oduoza, noted that the bank reported a significant improvement in all the key financial indices compared to the previous year’s achievement, and attributed the growth to the successful execution of the 2019 strategic plan in line with the key pillars to position the bank as a market leader by 2025.

He said that the Bank will continue to focus on digital banking, provision of long-term funding, wholesale and investment banking while maintaining a lean operating philosophy.

Angela Davies

Recent Posts

Open Heaven For Today, RCCG Open Heaven 6 January 2025

Open Heaven for today, RCCG Open Heaven 6 January 2025, can be accessed below.  …

1 hour ago

2024 FALA: 10 Outstanding Young Leaders Win Christ Embassy’s Prestigious Award

Ten outstanding young leaders have won the Christ Embassy’s prestigious 2024 FALA award.    …

15 hours ago

Open Heaven 5 January 2025 Daily Devotional

Open Heaven 5 January 2025 daily devotional can be accessed below.    Glamtush reports that Open…

1 day ago

Adeboye Addresses AI-Generated Picture Depicting Him As ‘Alhaji’

Adeboye has addressed an AI-generated picture depicting him as ‘alhaji.’   The General Overseer of…

2 days ago

I Was Raped Five Times – Iyabo Ojo

Iyabo Ojo has revealed that she was raped five times.   Glamtush reports that Nollywood…

2 days ago

Nobody Made Me Rivers Governor – Wike

Wike has insisted that nobody made him Rivers governor as he fought his way to power.  …

2 days ago